At a steady pace, the Central Bank continues to implement the banking reform strategy, one of whose main objectives is to achieve the digital transformation in the banking sector, which was initiated by the Central Bank since 2017 with clear stages included in its first, second and third strategies.
During the past two years, cooperation between the government with the support and personal follow-up of the Prime Minister and the Central Bank was an essential step to activate and accelerate the transition to a digital government and the transition from the monetary economy to the digital economy, focusing on the development of payments within Iraq and the use of technology to improve financial inclusion, the development of information technology, the establishment of digital banks, the use of artificial intelligence in banking services, the use of modern technologies in loans, compliance, risk management, anti-money laundering, terrorist financing and combating bank fraud.
The results during 2023 and 2024 recorded a qualitative boom in the volume of transactions in electronic payments and the use of modern banking technologies
The percentage of digital transformation and electronic payment increased to 48.5% compared to 20% over the past years. It is an indicator that confirms the success of the approved plans and procedures to reach a major transformation with a distinguished national effort for digital transformation and electronic payment. This joint effort of the cadres of the Central Bank, the government, banks and electronic payment companies clearly contributed to having an advanced infrastructure for the implementation and absorption of electronic payment tools and multiple financial services.
Banking reform has now entered the transition phase to digital banks, which the Central Bank is currently examining and auditing 70 requests to approve new digital banks in accordance with the strict controls and conditions adopted by the Central Bank, which constitute a real and promising launch for technical banking development in Iraq to bridge the technical gap with the countries of the world in this field. This facilitates the provision of smart banking services, reduces the chances of fraud and corruption and provides important data on the nature of transactions, control and compliance.
Therefore, digital banks are a new stage of digital transformation and banking reform. We hope that the Central Bank will soon start the first step of approving digital banks, which show the results of examination, auditing and study that they are committed to the controls and conditions in force.
Views 56
Added 2024/10/05 – 3:30 PM
No comments:
Post a Comment